... Home bias, international diversification, and the effects of culture 2.1. International diversification and home bias Home bias has been widely documented in finance literature since seminal work ... most influential works in cross-cultural psychology, one of the most cited studies in the entire Social Science Citation Index, and has been widely cited in academic research in marketing and international ... Grinblatt and Keloharju (2001), who measure culture in Finland as Finnish or Finnish-Swedish ethnic heritage; investors in Finland tend to invest more in companies headed by CEOs who share their heritage....